The S19 Pro, one of Bitmain’s newest mining rig models, will now cost US$19 per terahash (TH), 41% cheaper than the price index listed on the mining rig information website Hashrate Index, the company stated.
On the Bitcoin network, computing power is measured in terahashes. Priced in Terahash, cryptocurrency miners enable comparison between various types.
CoinMarketCap reports that the price of Bitcoin has dropped by more than 60% so far in 2022, while Bitcoinist, citing Arcane Research, reports that daily earnings for bitcoin miners have reached their lowest point since November 2020 at US$17.9 million.
Russia’s energy output has decreased as nations impose sanctions against it as a result of its invasion of Ukraine, raising global energy prices and worsening the situation for miners who depend largely on electricity.
Additionally, the price index for the best-performing Bitcoin miner models fell by nearly 67%, from US$101/TH at the start of 2020 to US$32.71/TH on Thursday.
However, the hashrate on the Bitcoin network reached a record high in September, indicating that mining competition has increased to previously unheard-of levels.